Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
Ask us in nine years. A lot can change.
How is your health and what is its trajectory?
Where are your kids?
Where does your spouse want to retire?
Where did ten years come from? Is there a analytical reason for it?
Is it really worth it to spend 8%-10% of the price of your current house to move?
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
South Carolina can be good financially for retirement if you don’t mind the heat. It is also within reasonable driving distance to Florida to visit your retired family and friends.
I'd start keeping track of your actual expenditures so that you can establish a budget and know how much you are spending on what which makes up your 'lifestyle'.
Plan for tomorrow, live for today. Don’t forget to enjoy yourself along the way to retirement. You don’t have to blow the budget, learn to appreciate the small blessings.
You also have to get to retirement first. If your health if fair-to-middling, work on it like you’re working on the financial side.
My health is very good and I work to maintain that way. The ten years was based on the age of the youngest child who will be finished with college in that time frame. My spouse wants to stay on the east coast as well. The two reasons we consider leaving CT are the weather and the costs because property and other taxes continue to rise. We could however be snow birds but I would have to do more research to determine how it would work out.
I have decided that I would like to retire in 10 years. I contribute to my 401k and Roth IRA's and also live within my means. What else should I be doing now with 10 years left? I am in CT and just not crazy about FL, which is where most family and friends have retired. I think I like VA but which areas would be affordable for retirement? What other cities/states to consider on the eastern seaboard?
Get out your 401k plan and read it cover to cover. Really get in the weeds, and see if you are exploiting it to the max. It is the best thing you can do. If you can contribute more, even if the company match is at the limit, do so. It is tax sheltered money, it will lower our taxable income. Push it all the way, so that your last 10 years count.
Learn all you can about taxes and rmd (if applicable). There are so many nuances and there are lots of things you can do better gradually over time to set yourself up. Make sure your happy with your investments and get rid of what you don’t want. There are a lot of straight jackets you can find yourself in regarding income limits once you stop working (and don’t have employer insurance, if that applies).
I’m glad your health is excellent, OP. A lot can change in ten years, though, which makes planning difficult.
I started planning at age 57 and swore our next house would be two stories. Guess where we live now: one story rambling house with a separate guest house. Stairs are too painful now. I also thought we’d be in Prescott AZ for the cooler weather. Nope, we ended up in Scottsdale. I think the high for today is 109.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
